据证券时报报道，腾讯于今日陆续在各大应用商店推出旗下首款漫剧独立App"火龙漫剧"。据悉，该产 品由腾讯视频内部一支年轻团队完成，在启动筹备后，很快就实现上线。据介绍，"火龙漫剧"App融合 漫画分镜、AI技术、动态效果与短视频形态，播放内容当前均为免费，以竖屏信息流为主界面，这种 设计与当下主流的短视频平台相似，单集时长多在1-3分钟之间。 中文在线：多款作品登上抖音动态漫榜单前五，成为AI漫剧赛道的现象级爆款产品。目前，公司AI动 漫业务线已实现对2D与3D多种视觉形态的全面覆盖，公司拟与腾讯就动画微短剧的授权合作相关事宜 达成合作。 捷成股份：自研的AI智能体灵犀将重点应用于漫剧内容的规模化生产，打造自主可控、高品质、高效 率的AI动漫生产平台，助力AI漫剧生产的降本增效提质，已有20余部AI漫剧在制作中。此外，公司是 腾讯的影视版权的重要供应商。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 证券时报指出，当下，AI漫剧作为短剧领域中的新兴细分赛道，正展现出巨大的商业潜力，吸引了腾 讯在内的一众互联网平台布局。除了腾讯等大厂外，一些新兴创业公司也在垂类内容上形成了差 ...

中芯国际 中国移动 中国海油 钧达股份 华虹公司 长飞光纤 分时图 日K线 周K线 月K线 114.84 -1.19 -1.03% 2.47% 1.65% 0.83% 0.00% 0.83% 1.65% 2.47% 113.16 114.12 115.07 116.03 116.99 117.94 118.90 09:30 10:30 11:30/13:00 14:00 15:00 15:30 0 34万 68万 101万 2月4日港股市场，北水成交净买入133.73亿港元，其中港股通(沪)成交净买入73.93亿港元，港股通(深)成交净买入59.8亿 港元。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南方恒生科技(03033)。北水净卖出最多的个股是中芯国际 (00981)、华虹半导体(01347)。 | 股票名称 | 买入额 | 卖出额 | 头实思额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 52.05亿 | 31.40 乙 | 83.45亿 | | HK 00700 | | | +20.66亿 | | 阿里巴巴-W | ...

Core Viewpoint - Tencent's WeChat has restricted the sharing of links related to the Yuanbao app's Spring Festival red envelope activity due to violations of platform rules, highlighting the tension between promoting AI applications and maintaining platform order [2][5] Group 1: Event Overview - On February 1, Yuanbao launched a Spring Festival campaign with a total of 1 billion yuan in cash, where users could earn chances to win prizes by completing tasks and inviting others [5] - WeChat received user complaints about Yuanbao's marketing tactics, which involved inducing users to share links excessively, leading to a restriction on Yuanbao's links within WeChat [5][8] - The restriction was implemented on February 4, coinciding with the first round of prize distribution for Yuanbao's campaign [5] Group 2: Company Strategy and Internal Dynamics - The incident reflects Tencent's internal struggles regarding AI strategy, with concerns about the balance between promoting AI products like Yuanbao and protecting the WeChat ecosystem [5][10] - Tencent's organizational structure allows for independent operation of its subsidiaries, which can lead to conflicts when unified efforts are needed for AI initiatives [10] - Recent organizational changes include the establishment of new AI departments and the appointment of a former OpenAI researcher to lead AI efforts, indicating a shift towards a more integrated approach to AI product development [10][11] Group 3: Market Position and User Engagement - Yuanbao's marketing strategy has been criticized for not establishing a strong user connection, as AI services are not yet seen as essential by most users [9] - Despite the challenges, Yuanbao achieved significant visibility, ranking first in multiple app categories on the Apple App Store on February 4 [8]

Core Viewpoint - The announcement by WeChat on February 4th regarding the restriction of the Yuanbao App's Spring Festival red envelope activity highlights the tension between promoting new AI applications and maintaining platform order, indicating a struggle within Tencent to balance innovation and user experience [1][4]. Group 1: WeChat's Actions - WeChat received user complaints about Yuanbao's marketing tactics, which involved incentivizing users to share links excessively, disrupting the platform's ecosystem and user experience [4]. - As a result, WeChat implemented measures to restrict Yuanbao's links from being directly opened within the app, effective immediately [4]. - The original sharing method for Yuanbao was altered to require users to copy and paste a code instead of sharing directly, complicating the user experience [7]. Group 2: Yuanbao's Marketing Strategy - Yuanbao launched a significant promotional campaign with a total of 1 billion yuan in cash for the Spring Festival, where users could earn chances to win prizes by completing tasks and inviting others [4]. - The campaign was criticized for being a "double standard" due to its reliance on social sharing for user engagement [1]. - Despite the initial excitement, the campaign faced immediate restrictions, coinciding with the first round of prize distribution [4]. Group 3: Tencent's Internal Dynamics - The situation reflects Tencent's internal challenges regarding AI strategy, with indications of organizational friction as different divisions vie for resources and attention [9]. - Tencent's CEO expressed a desire to replicate the success of WeChat's red envelope feature, but the current approach involves Yuanbao as a separate app trying to leverage WeChat's traffic [9]. - Recent organizational changes within Tencent aim to streamline AI initiatives, including the establishment of new departments focused on AI infrastructure and data [9]. Group 4: Market Position and User Perception - Yuanbao is viewed as a value-added service rather than a necessity, which may hinder its ability to establish a strong user relationship compared to WeChat's core functionalities [8]. - The limited three-day window for Yuanbao's promotional activities underscores the urgency and competitive nature of the AI market, where user habits and ecosystem dynamics are rapidly evolving [9].

Core Viewpoint - The article discusses the internal conflict within Tencent regarding the WeChat ecosystem and the impact of WeChat's ban on the Yuanbao red envelope activity, highlighting the challenges of balancing user experience and compliance with platform rules [5][12][13]. Group 1: Incident Overview - On February 4, WeChat blocked direct links to the Yuanbao red envelope activity, citing violations of its external link content management regulations related to "induced sharing" [5][10]. - Users must now perform cumbersome actions to access the red envelope, which disrupts the user experience and engagement [14]. Group 2: Yuanbao's Response - Yuanbao publicly acknowledged the issue and stated it is optimizing its sharing mechanism to enhance user experience [6]. - The company aims to ensure that the red envelope activity does not violate WeChat's guidelines while still attracting users [11]. Group 3: Internal Dynamics at Tencent - Tencent's internal discussions revealed concerns about the compliance of the Yuanbao red envelope activity with WeChat's rules, indicating a need for careful evaluation of user experience versus regulatory compliance [11]. - The company recognizes the importance of maintaining its credibility in managing third-party links while trying to innovate and attract users [12]. Group 4: Market Implications - The ban on Yuanbao's red envelope is seen as a significant setback for its 10 billion yuan promotional campaign, raising questions about the sustainability of user acquisition through such methods [13][15]. - The article suggests that Yuanbao must focus on product strength and user engagement beyond monetary incentives to retain users in a competitive landscape [15].

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 腾讯控股 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Games keep strong momentum》的报告，腾讯预计将继续交出稳健业绩，2025 年第四季度总收入和调整后 Ebit 同比大幅增长。 分析指出，网络游戏有望带来积极惊喜并实现同比增长，得益于常青游戏的稳健表现以及新爆款游戏《三角洲行动》 的推动。尽管宏观环境疲弱，广告业务预计仍将同比增长，主要受广告技术升级和交易增长的支撑。随着毛利率扩张， 利润预计将继续快于收入增长。分析指出，腾讯在 2026 年有望维持双位数的游戏增长和广告增长，并被视为全球拥 有最优 ...

2026年2月4日，微信派发文称，近期收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通过"做任务""领红包"等方式诱导用户高频分享链接到微信 群等场景，干扰平台生态秩序、影响用户体验、对用户造成骚扰。 据悉，2026年春节，腾讯元宝上线"分10亿现金红包"活动，自2月1日起持续17天，用户可通过抽奖、做任务等方式参与。活动核心玩法需分享链接至微信等 渠道获取抽奖次数，导致微信好友、群聊、朋友圈被红包链接刷屏，形成病毒式传播。此番微信屏蔽元宝红包，一定程度上回应了网络上的"双标"争议。 经研判，微信已对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施即日生效。PChome点击元宝的分享链接发现，相关页面确实已被屏 蔽，微信提示："网页包含诱导分享、关注等诱导行为内容，请长按网址复制后使用浏览器访问。" ...

Core Insights - The competition among major tech giants in the AI sector is intensifying, with significant cash incentives being offered to users during the upcoming Spring Festival [1][3] - ByteDance has planned approximately 160 billion RMB for AI capital expenditures in 2026, while Alibaba's previous estimate of 380 billion RMB may be conservative, indicating potential for increased investment [2] Group 1: AI Empowerment - Major companies are embedding AI capabilities into traditional business models, such as Alibaba's Quark browser being transformed into an "AI Super Box" by March 2025 [5] - Tencent launched the Qbot smart assistant in May 2025, upgrading its QQ browser to integrate various AI functionalities [5] - Baidu is set to transition its traditional search box to an "intelligent box" by July 2025, fully adopting AI-driven search capabilities [6] - Meituan has introduced an AI life assistant named "Xiao Mei" [7] - Didi has announced a strategic partnership with Zhipu AI, while Ctrip has upgraded its platform to "Intelligent Engine 3.0," enhancing AI-driven service experiences [8] - Nearly all internet entry points have transformed into "AI+" applications, with the exception of Pinduoduo [9] Group 2: Independent AI Applications - Companies are shifting focus from AI empowerment to independent AI applications, with Alibaba's "AI Super Entrance" strategy now centered on the Qianwen app, which has seen rapid user growth [13] - Doubao, a product from ByteDance, continues to expand its lead by securing sponsorship for the Spring Festival Gala [14] - Current independent AI applications show no clear winner, with average daily usage times remaining low, indicating potential challenges in user engagement [16][17] Group 3: AI Hardware - The competition has expanded from software to hardware, with ByteDance's Doubao phone selling out within a day of its launch, indicating strong market interest [19] - Privacy and security concerns are likely to be ongoing discussions, but the disruptive potential of Doubao's phone has raised alarms among other tech giants [20] - AI glasses have also gained popularity, with Alibaba's Quark AI glasses S1 selling out quickly and global shipments of smart glasses increasing significantly [23][24] Group 4: Strategic Directions of Major Players - Alibaba focuses on providing tool value through its AI applications, aiming to create a seamless service experience across its ecosystem [27] - Tencent emphasizes social value, with its "Yuanbao" platform allowing users to invite friends through WeChat and QQ, exploring new social dynamics in the AI era [29][31] - ByteDance aims to deliver emotional value through its AI products, fostering user engagement and emotional connection rather than efficiency [33] - The strategies of Alibaba, Tencent, and ByteDance reflect their unique strengths and market positions, with competition likely to encroach on each other's territories [39]

2026年2月4日，微信派发文称，经研判，微信已对元宝的违规链接进行处置，限制其在微信内直接打开。对此，元宝官微发布消息称："元宝正在紧急优化 调整分享机制，我们将尽快上线，确保用户抢红包体验。" 据了解，2026年2月1日，腾讯旗下AI产品元宝启动"上元宝，分10亿"春节营销活动，以分享链接领红包、增加抽奖次数（上限30次）为激励，引发微信群刷 屏。2月4日，微信安全中心以诱导分享、干扰生态、骚扰用户为由，依据《微信外部链接内容管理规范》，封禁元宝相关链接，微信内无法直接打开，需复 制到浏览器访问。 接近腾讯内部人士向《科创板日报》透露，优化调整后的元宝红包分享机制已启动，目前已紧急重新上线变更为"口令红包"。PChome在元宝点击分享按 钮，发现其已去掉直接分享到微信的功能，替换为复制口令。 ...

Group 1: Company Updates - Gong Youliang, the director and executive vice president of South Mining Group, plans to reduce his stake by up to 1%, amounting to 2.0172 million shares, due to personal funding needs [1] - Changan Automobile reported January sales of 134,701 units, a year-on-year decline of 51.14%, with new energy vehicle sales at 36,621 units, down 45.74% [1] - Yum China achieved fourth-quarter revenue of $2.82 billion, an 8.8% year-on-year increase, with adjusted earnings per share of $0.40, surpassing estimates [3] - Toyota plans to increase hybrid vehicle production by approximately 30% by 2028, targeting 6.7 million units, compared to a production plan of 5 million units for 2026 [4] - Panasonic announced the establishment of a Chief Artificial Intelligence Officer position to enhance AI application in customer solutions and internal operations [5] Group 2: Financing and Investments - Cloud Data Infrastructure provider "Yunqi Technology" completed a Series B financing round led by ALC Capital, with total funding exceeding 700 million yuan [6] Group 3: New Products and Innovations - Tencent's Mix Yuan AI Infra team launched an open-source high-performance LLM inference core operator library, HPC-Ops, which improved model inference performance by 30% for Mix Yuan and 17% for DeepSeek [7]